立高食品2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - The recent financial report of Lihigh Food (300973) shows strong revenue and profit growth, indicating a positive business outlook despite rising accounts receivable and declining gross margin [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 2.07 billion yuan, a year-on-year increase of 16.2% - Net profit attributable to shareholders was 171 million yuan, up 26.24% year-on-year - In Q2 2025, total revenue was 1.024 billion yuan, reflecting an 18.4% increase year-on-year, while net profit was approximately 82.39 million yuan, up 40.84% year-on-year - Gross margin stood at 30.35%, down 6.89% year-on-year, while net margin increased to 8.05%, up 7.41% year-on-year - Total selling, administrative, and financial expenses amounted to 348 million yuan, accounting for 16.83% of revenue, a decrease of 12.65% year-on-year [1][2]. Business Model and Market Position - The company's return on invested capital (ROIC) was 7.75% last year, indicating average capital returns, with a historical median ROIC of 18.72% since its listing - The business relies heavily on capital expenditure and marketing, necessitating careful evaluation of capital projects and spending [2]. - The company has diversified its sales channels, with nearly 50% of revenue coming from circulation channels, and a 30% increase in supermarket channel revenue [4]. Product Performance - The revenue from baking food raw materials accounted for over 50% of total sales, with a nearly 45% year-on-year growth - UHT cream products have shown strong growth, contributing to a nearly 40% increase in the cream segment [5]. - The company is in the process of testing a new high-end cream product, which is expected to be launched soon [6]. Debt and Accounts Receivable - The company has a debt ratio of 26.89% for interest-bearing liabilities, indicating a need for monitoring its debt situation - Accounts receivable have increased significantly, with a ratio of accounts receivable to profit reaching 102.47% [2]. Fund Holdings - The largest fund holding Lihigh Food is Penghua Quality Governance LOF, with 1.0928 million shares, and a recent net value increase of 0.97% [3].